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quaterly report

20.11.2008

58 percent increase in total revenues to EUR 781 million 60 percent
improvement in EBIT to EUR 37.3 million Full-year EBIT of EUR 60 -
66 million on sales of EUR 1.1 billion expected 10-15 percent growth
planned for 2009

Hamburg, November 20, 2008. After a successful third quarter of 2008,
the Nordex Group (ISIN: DE000A0D6554) has come a good deal closer to
achieving its full-year target. Sales between January and September
2008 climbed by 58 percent to EUR 781.1 million (year-ago period: EUR
493.1 million). In the third quarter alone, the Company registered an
85 percent rise in order receipts to EUR 315.2 million (previous
year: EUR 170.5 mil-lion). The strong growth was particularly driven
by non-domestic demand, with around 95 percent of revenues generated
outside Germany. Production also rose considerably in the period
under review. Thus, turbine as-sembly output surged by 47 percent to
764 megawatts (previous year: 520 megawatts), while rotor blade
production was up by as much as 69 percent, rising from 250 to 422
megawatts.

Earnings before interest and taxes (EBIT) increased by 60 percent to
EUR 37.3 million in the first nine months (EUR 23.3 million),
improving by 163 percent to EUR 21.0 million (EUR 8.0 million) in the
third quarter. Over the first nine months of 2008, the personnel and
depreciation ratios shrank by 0.3 percentage points, respectively,
thanks to economies of scale. On the other hand, the cost of
materials ratio widened by 0.6 percentage points chiefly as a result
of provisions set aside to cover the cost of reinforcements for rotor
sets.

Inventories were accumulated as part of production planning required
for continued growth, resulting in a decline in liquidity from EUR
212 million to EUR 127 million. Inventories for short-term projects
increased by EUR 109 million to EUR 341 million. At 14.9 percent, the
working capital ratio was down on the previous year´s figure of 16.2
percent primarily as a result of advance payments received. The
advance payment ratio rose slightly to 118.9 million as of September
30 (previous year: 117.5 percent).

As of September 30, order receipts were valued at EUR 796 million,
which is a slight decrease compared to the previous year (EUR 823
million). However, the value of order books as of September 30, 2008
was up 74 percent, rising to EUR 3.3 billion (previous year: EUR 1.9
billion) and comprising firm orders of EUR 1.0 billion and master
contracts of EUR 2.3 billion.

For the year as a whole, Nordex is still projecting sales of EUR 1.1
billion. "We have already achieved 71 percent of our goal for the
year and at the end of the first nine months are already closer to
reaching our target than we were one year ago," said Thomas
Richterich, CEO of Nordex AG. Earnings before interest and taxes
(EBIT) are expected to increase to EUR 60 - 66 million (previous
year: EUR 40.1 million).

Turning to 2009, the Management Board expects slower growth for the
sector as a whole and for Nordex as some customers are finding it
more diffi-cult to obtain finance for their wind farm projects in the
wake of the crisis afflicting the financial markets. As a result,
there is a risk of projects being postponed. Nordex projects sales
growth of between 10 and 15 percent in 2009. However, it will
continue investing in its structures in preparation for the
medium-term return to growing sales volumes. Explains Richterich:
"Our industry´s fundamental story is still intact. For this reason it
is import to prepare for post-2009 growth precisely at this time."